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$175 billion in small business loans given out in second round of the Payroll Protection Program

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Updated: 9:10 AM CDT May 3, 2020

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US ONE SHOPPING CENTER’S NEW EFFORTS TO HOPEFULLY GET SMALL SHOPS BACK IN BUSINESS. TRE: TODAY’S SHOPPING EXPERIENCE COMES WITH DRASTIC CHANGES FROM WHAT WE’RE USED TO >> WE DON’T KNOW WHO HAVE IT, AND WE CAN’T TAKE ANY CHANCES. TRE: AS CUSTOMERS AND EMPLOYEES ALIKE TRY TO STAY SAFE WHILE STILL ABLE TO GET THEIR NECESSITIES DURING THIS DIFFICULT TIME. >> I AM ACTUALLY IN RETAIL. I ACTUALLY WORK AT MACY’S, AND I’M JUST WAITING TO OPEN BACK UP. TRE: AS MANY RESTAURANTS HAVE GONE CURBSIDE TO MEET DEMANDS -- >> WHILE IT’S BEEN A GRE RESOURCE FOR EVERYBODY, WE’RE TRYING TO THINK OF A BETTER WAY OF EXPANDING THAT. TRE: FEDERAL REALTY IS PLANNING A NATIONWIDE INITIATIVE AT ALL OF ITS LOCATIONS, INCLUDING THE AVENUE AT WHITE MARSH, IN HOPES TO GET NON-RESTAURANTS AND SMALL SHOPS BACK IN BUSINESS. >> WHAT WE’RE GOING TO SEE, AS WE GET INTO MAY AND THEN BEYOND, IS OTHER RETAILERS THAT WE DON’T NORMALLY ASSOCIATE WITH THE CURBSIDE PICK-UP, ROLLING SOMETHING LIKE THIS OUT. TRE: THE IDEA IS TO SECTION OFF THE PROPERTY INTO PICK-UP AREAS. CUSTOMERS WOULD THEN GO TO THOSE AREAS TO GET SERVICE FROM ANY STORE, WHETHER FOR RETAIL OR FOR FOOD, WITHOUT HAVING TO GET OUT OF THEIR CARS. >> RATHER THAN A TENANT HAVING THEIR OWN INDIVIDUAL CURBSIDE PICK-UP LOCATION, IT WILL BE ONE LOCATION. TRE: AND IT’S CALLED THE PICKUP. YOU JUST ORDER YOUR THINGS ONLINE OR BY CALLING, GIVING AN OPPORTUNITY FOR BUSINESSES, BIG OR SMALL, THAT DON’T PROVIDE FOOD A CHANCE TO REOPEN. >> THE KEY HERE IS IT’S NOT JUST FOR RESTAURANTS. THIS IS SOMETHING THAT ALL OF OUR TENANTS SHOULD BE ABLE TO TAKE ADVANTAGE OF. TRE: WHILE SOME CUSTOMERS SAY IT’S HARD TO GIVE UP THEIR FORMER SHOPPING HABITS -- >> I’M MORE OF AN HANDS-ON TYPE OF PERSON THAT WOULD LIKE TO GO IN THE STORE, SO MAYBE THEY’LL HAVE IT IN A WAY WHERE THEY’LL BE SOCIAL DISTANCING IN THE STORE. TRE: THIS PROPERTY OWNER BELIEVES HIS COMPANY’S EFFORTS IS A STEP IN THE RIGHT DIRECTION, ADDRESSING OUR EVER-CHANGING TIMES AND LIKELY TO STAY AROUND EVEN AFTER THE PANDEMIC. >> THIS IS A WAY THAT CUSTOMERS HAVE LEARNED TO CONSUME, AND SOMETHING THEY’RE GOING TO WAN TO CONTINUE IN THE FUTURE ONCE WE’RE BEYOND THIS CRI

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$175 billion in small business loans given out in second round of the Payroll Protection Program

Video above: Businesses create new ways to serve customers amid pandemicThe Trump administration announced Sunday that 2.2 million small business loans worth $175 billion have been made in the second round of the Payroll Protection Program.Treasury Secretary Steve Mnuchin and Small Business Administration Administrator Jovita Carranza said in a joint statement that the average size of a loan made under the second iteration of the program, which began Monday, was $79,000."The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans," Mnuchin and Carranza said in the statement, adding the average loan size indicated "the program is broadly based and assisting the smallest of small businesses."The program, which provides loans to small businesses struggling amid the coronavirus pandemic, has been plagued by technical hiccups and questions about if lenders were prioritizing the businesses that needed the money most after several wealthy schools and deep-pocketed companies received loans.After the initial $454 billion Congress allocated to the program ran dry last month, lawmakers replenished the fund with an additional $310 billion.The administration said that since the launch of the PPP, 3.8 million loans totaling more than $500 billion have been made.Lenders said last week that they still struggled to upload applications Tuesday into the agency's database. But the technical glitches are getting better — and while frustrating — are just the tip of the iceberg for lawmakers and aides who are watching as this and other well-intentioned programs that got overwhelming bipartisan support come under renewed scrutiny for how the money is being used.Amid concerns that money earmarked for smaller lenders was running low, the SBA informed lenders Wednesday that only financial institutions with less than $1 billion in assets would be able to input Paycheck Protection Program applications into the SBA system between 4 p.m. ET and midnight.SBA also said that they, in consultation with Treasury, would reevaluate to see if more reserved time would be needed for smaller banks to input loans in the future.

The Trump administration announced Sunday that 2.2 million small business loans worth $175 billion have been made in the second round of the Payroll Protection Program.

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Treasury Secretary Steve Mnuchin and Small Business Administration Administrator Jovita Carranza said in a joint statement that the average size of a loan made under the second iteration of the program, which began Monday, was $79,000.

"The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans," Mnuchin and Carranza said in the statement, adding the average loan size indicated "the program is broadly based and assisting the smallest of small businesses."

The program, which provides loans to small businesses struggling amid the coronavirus pandemic, has been plagued by technical hiccups and questions about if lenders were prioritizing the businesses that needed the money most after several wealthy schools and deep-pocketed companies received loans.

After the initial $454 billion Congress allocated to the program ran dry last month, lawmakers replenished the fund with an additional $310 billion.

The administration said that since the launch of the PPP, 3.8 million loans totaling more than $500 billion have been made.

Lenders said last week that they still struggled to upload applications Tuesday into the agency's database. But the technical glitches are getting better — and while frustrating — are just the tip of the iceberg for lawmakers and aides who are watching as this and other well-intentioned programs that got overwhelming bipartisan support come under renewed scrutiny for how the money is being used.

Amid concerns that money earmarked for smaller lenders was running low, the SBA informed lenders Wednesday that only financial institutions with less than $1 billion in assets would be able to input Paycheck Protection Program applications into the SBA system between 4 p.m. ET and midnight.

SBA also said that they, in consultation with Treasury, would reevaluate to see if more reserved time would be needed for smaller banks to input loans in the future.